The First Nations Land Management Resource Centre (RC) has produced a guide on the application of the recently enacted federal law regarding the acquisition of real estate by non-Canadians. The guide explains how the law pertains to the sale of interests in First Nation land. The Prohibition on the Purchase of Residential Property by Non-Canadians Act makes it unlawful for non-Canadians to buy or for anyone to facilitate the sale of an interest (including a lease) in a residential property in certain urban areas. The law has been in effect since the beginning of 2023 and is currently scheduled to be repealed on January 1, 2025. However, the federal Minister of Finance has indicated the government’s intention to extend the law’s ban on sales to non-Canadians to January 1, 2027.
Consultation with a legal advisor is recommended before proceeding with a sale if you are uncertain whether the prohibition applies to a potential buyer of an interest (such as a lease) on First Nation lands.
For more information, please consult the RC’s “Guide to the application of the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act” or contact your regional RC Land Code Governance Advisor.